Lingo Media Corporation (TSX-V:LM) said it more than doubled its revenue and narrowed its loss in the third-quarter to end-September 2021 as the company's digital sales continued to grow.
The edtech group, which sells products for learners of new languages, reported revenue of C$163,493 for the three month period, up from C$68,775 in the year-earlier quarter.
The 3Q net loss came in at C$282,095 compared to a loss of C$357,145 in the third quarter of 2020.
"We are very pleased with the addition of key distributors in our core markets and the continued growth in our digital sales. We have invested great efforts to cultivate key relationships and we expect to see results in the coming months and years.," said Gali Bar-Ziv, the CEO of Lingo Media, which has a presence in Latin America, China and the USA.
READ: Lingo Media subsidiary Everybody Loves Languages forges partnership with IEF in Colombia
The company operates two distinct business units. One is called Lingo Learning, which publishes print English language programs in China. Meanwhile, the group's ELL Technologies Ltd subsidiary - which does business as Everybody Loves Languages and Lingo Learning Inc provides online training and assessment for language learning.
Among the highlights in the quarter for the China-focused business was the expansion of the existing market for PEP Primary English program into one additional province.
At ELL Technologies, the firm doubled its Portuguese course to cover learners up to B2 on the Common European Framework of Reference and also entered into a distribution agreement with partners in Peru and Honduras.
Contact the author at giles@proactiveinvestors.com